Gibson's Mill Apartments, 17 Morrison Street Hobart, TAS 7000
Freehold with Business - for sale by offer
Quality Apartments on the Hobart Waterfront
- Gibson’s Mill is a historic landmark. Built Circa 1860 as Hobart’s predominant waterfront flour mill, the building was owned and operated by the Gibson family for over 100 years.
- In 2010 the building was coverted from offices to 12 luxury apartments; 6 x one bedroom, 5 x two bedroom and a three bedroom penthouse with 180 degree views.
- Accommodation is spread over 3 floors plus 2 levels of car parks.
- Total floor area is 300sqm per floor (900sqm of accommodation).
- Apartments are under a current Management Agreement with Sullivans Cove Apartments. Trading history dates back to 2013 and has shown consistent year on year revenue growth.
- Located in the restored Gibson’s Flour Mill building only a stone’s throw from the docks and Salamanca Place; and opposite the ferry terminal which takes tourists to the wold class MONA museum.
- The apartments have been superbly designed to incorporate many features of the historic mill within a modern apartment.
- All of the apartments have luxurious fit-outs including king beds, full kitchen and laundry facilities, large living areas and decor.
- The property and business can be bought as either a passive investment with management in place or alternatively to own and operate.
- Annual revenue is $960,899 with a very high net profit.
- Council has recently approved a strata title of the complex whereby the 12 apartments could be sold individually and used for permanent residential occupation.
Property ID: 502773642Last Updated: 12 Dec 2018